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\begin{tabular}{lcccc} \hline
 & (1) & (2) & (3) & (4) \\\
 & R1 & R3 & R2 & R4 \\\
VARIABLES & chg\_1860\_1866\_shr & chg\_1860\_1866\_shr & chg\_1860\_1866\_shr & chg\_1860\_1866\_shr \\\ \hline
 &  &  &  &  \\\
Cotton city indicator & 0.000200 & -0.000195 &  &  \\\
 & (0.000392) & (0.000640) &  &  \\\
Cotton emp. shr. &  &  & 0.000514 & -0.00102 \\\
 &  &  & (0.00101) & (0.00161) \\\
Constant & -0.000166 & 0.000893** & -0.000166 & 0.00101** \\\
 & (0.000254) & (0.000426) & (0.000254) & (0.000412) \\\
 &  &  &  &  \\\
Observations & 156 & 22 & 156 & 22 \\\
 R-squared & 0.001 & 0.005 & 0.001 & 0.026 \\\ \hline
\multicolumn{5}{c}{ Robust standard errors in parentheses} \\\
\multicolumn{5}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\\
\end{tabular}
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